{"id":406162,"date":"2019-12-04T06:00:07","date_gmt":"2019-12-04T06:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=406162"},"modified":"2024-06-11T12:52:31","modified_gmt":"2024-06-11T12:52:31","slug":"bitcoin-btc-trend-overwhelmingly-negative-continue-selling","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-trend-overwhelmingly-negative-continue-selling\/","title":{"rendered":"Bitcoin (BTC) Trend Overwhelmingly Negative, Continue Selling?"},"content":{"rendered":"<ul>\n<li>Bitcoin price is slowly declining and it recently broke the $7,200 support area against the US Dollar.<\/li>\n<li>The price is currently consolidating above $7,100 and likely to continue lower.<\/li>\n<li>Yesterday\u2019s key declining channel is still active with resistance near $7,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct higher, but sellers are likely to remain in control near $7,200 and $7,250.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing signs of additional losses below $7,000 against the US Dollar. BTC remains sell on rallies until there is a daily close above $7,400.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, bitcoin made a couple of attempts to settle above $7,380 and $7,400 against the US Dollar. However, <a href=\"https:\/\/wncen.com\/2019\/12\/03\/bitcoin-btc-relatively-muted-signs-of-further-weakness\/\" target=\"_blank\" rel=\"noopener noreferrer \">BTC failed to gain bullish momentum above $7,400<\/a> and remained well below the 100 hourly simple moving average.<\/p>\n<p>As a result, the bears took over and the price declined below the $7,320 support. Moreover, there was a break below the key $7,200 and $7,180 support levels.<\/p>\n<p>Finally, the price traded to a new weekly low at $7,108 and it is currently consolidating losses. An immediate resistance is near $7,180, and the 23.6% Fib retracement level of the recent decline from the $7,365 high to $7,108 low.<\/p>\n<p>The <a href=\"https:\/\/wncen.com\/2019\/12\/01\/bitcoin-weekly-forecast-btc-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">main resistance<\/a> on the upside is near the $7,240 level (the recent breakdown level). Besides, it is close to the 50% Fib retracement level of the recent decline from the $7,365 high to $7,108 low.<\/p>\n<p>More importantly, yesterday\u2019s key declining channel is still active with resistance near $7,320 on the hourly chart of the BTC\/USD pair. Above the channel resistance, the main resistance is near the $7,400 level and the 100 hourly simple moving average.<\/p>\n<p>Therefore, a daily close above the $7,400 barrier and the 100 hourly simple moving average is needed for a trend change. If not, bitcoin price is likely to decline further below $7,100.<\/p>\n<p>The next key support area is near the $7,000 level. If the bulls fail to defend the $7,000 support area, the price could start a nasty decline towards the last swing low near the $6,500 support area.<\/p>\n<figure id=\"attachment_406165\" aria-describedby=\"caption-attachment-406165\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-406165\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-3.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-3.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-3.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-3.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-3.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-3.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-3.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-3.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-406165\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly following a downtrend below the $7,240 and $7,320 levels. Thus, there is a risk of an extended decline below $7,100. In the mentioned case, it would be interesting to see whether the bears are able to push the price below $7,000 in the first attempt.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently gaining strength in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it is near the oversold levels.<\/p>\n<p>Major Support Levels \u2013 $7,100 followed by $7,000.<\/p>\n<p>Major Resistance Levels \u2013 $7,250, $7,320 and $7,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is slowly declining and it recently broke the $7,200 support area against the US Dollar. The price is currently consolidating above $7,100 and likely to continue lower. Yesterday\u2019s key declining channel is still active with resistance near $7,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct higher, but sellers are likely to remain in control near $7,200 and $7,250. Bitcoin price is showing signs of additional losses below $7,000 against the US Dollar. BTC remains sell on rallies until there is a daily close above $7,400. Bitcoin Price Analysis Recently, bitcoin made a couple of attempts to settle above $7,380 and $7,400 against the US Dollar. However, BTC failed to gain bullish momentum above $7,400 and remained well below the 100 hourly simple moving average. As a result, the bears took over and the price declined below the $7,320 support. Moreover, there was a break below the key $7,200 and $7,180 support levels. Finally, the price traded to a new weekly low at $7,108 and it is currently consolidating losses. An immediate resistance is near $7,180, and the 23.6% Fib retracement level of the recent decline from the $7,365 high to $7,108 low. The main resistance on the upside is near the $7,240 level (the recent breakdown level). Besides, it is close to the 50% Fib retracement level of the recent decline from the $7,365 high to $7,108 low. More importantly, yesterday\u2019s key declining channel is still active with resistance near $7,320 on the hourly chart of the BTC\/USD pair. Above the channel resistance, the main resistance is near the $7,400 level and the 100 hourly simple moving average. Therefore, a daily close above the $7,400 barrier and the 100 hourly simple moving average is needed for a trend change. If not, bitcoin price is likely to decline further below $7,100. The next key support area is near the $7,000 level. If the bulls fail to defend the $7,000 support area, the price could start a nasty decline towards the last swing low near the $6,500 support area. Looking at the chart, bitcoin price is clearly following a downtrend below the $7,240 and $7,320 levels. Thus, there is a risk of an extended decline below $7,100. In the mentioned case, it would be interesting to see whether the bears are able to push the price below $7,000 in the first attempt. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining strength in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it is near the oversold levels. Major Support Levels \u2013 $7,100 followed by $7,000. Major Resistance Levels \u2013 $7,250, $7,320 and $7,400.<\/p>\n","protected":false},"author":67,"featured_media":404274,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-406162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Trend Overwhelmingly Negative, Continue Selling?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing signs of additional losses below $7,000 against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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